Financial News for the Week Ending December 8th
U.S. markets rose for the third straight week on optimism over a fiscal cliff deal and a positive jobs report. The S&P 500 gained 0.1% and the Dow gained 1.0%. Europe markets rose 1.2% on the week and Japan and China rose 0.9% and 4.1%, respectively. The yield on the 10 year Treasury ended the week at 1.627%.
Uncertainty over the fiscal cliff and what tax breaks may be eliminated has caused a surge in charitable giving to close out 2012.
Job growth continues to plod forward as 146,000 jobs were added in November. Also, the unemployment rate fell to 7.7%, the lowest level since December 2008, however the drop is largely due to more job seekers dropping out of the workforce.
Manufacturing sank in the U.S. in November to the lowest level since July 2009.
Auto sales rose 15% to the highest level in over 4 years in November. Sales of cars and trucks rose to 1.14 million.
The ECB dropped its growth estimates for the region to a contraction of 0.3% for 2013 at its meeting where it made no new moves.
Citigroup announced it would be cutting 11,000 employees, close 84 branches and move out of retail banking in some countries in cost cutting measures.
IBM is shifting the way it contributes to its employee’s 401K plans. It will now make a lump sum payment at the end of the year in a move that other companies may follow.
Reposted from the Raffa Wealth Management Blog.
All the news you need to stay informed about what’s currently driving the market – courtesy of Raffa Wealth Management, LLC.